“Global Synthetic Biology Market to reach a market value of USD 46.7 Billion by 2030 growing at a CAGR of 18.7%”
The Global Synthetic Biology Market size is expected to reach $46.7 billion by 2030, rising at a market growth of 18.7% CAGR during the forecast period.
The expansion of applications for synthetic biology, including gene editing, pathway construction, and protein engineering, may fuel the need for cloning technologies kits. Consequently, the cloning technologies kits segment would generate approximately 18.6% share of the market by 2030. These kits are essential for manipulating DNA and constructing genetic sequences. Owing to these factors, the segment will expand rapidly in the coming years.
Advanced DNA synthesis technologies enable the precise design and construction of DNA sequences. Researchers can now create custom DNA fragments with specific nucleotide sequences, optimizing the performance of synthetic biological systems. This precision is crucial for achieving desired functions in engineered organisms. Thus, these factors will drive the expansion of the market. Moreover, Synthetic biology enables the design and engineering of microorganisms to produce a wide range of bio-based materials, including bioplastics, biopolymers, and other sustainable alternatives. These materials can serve as eco-friendly substitutes for traditional plastics and petroleum-derived products. The ability to engineer microorganisms to produce bio-based fuels reduces dependency on fossil fuels. Thus, these aspects will lead to increased growth in the market.
However, Ethical considerations in synthetic biology emphasize the need for responsible research conduct. Regarding their work's potential hazards and benefits, researchers are expected to uphold ethical standards, maintain transparency, and engage in open dialogue. The public's confidence and regulatory sanction are contingent upon the responsible development and implementation of synthetic biology technologies. Environmental repercussions associated with the discharge of synthetic organisms are a source of concern. Therefore, these factors can hamper the growth of the market in the future.
However, Interruptions in procuring essential laboratory equipment, reagents, and other consumables hindered the seamless progression of research and development activities. Companies faced delays in project timelines, impacting the overall pace of innovation in the field. Therefore, the COVID-19 pandemic had a negative impact on the market.
Based on products, the market is segmented into oligonucleotide/oligo pools & synthetic DNA, enzymes, cloning technologies kits, xeno-nucleic acids, and chassis organisms. In 2022, the enzymes segment garnered a significant revenue share in the market. Enzymes play a crucial role in various industrial processes, including biofuel production, food and beverage manufacturing, and pharmaceuticals. The market may see growth in the enzymes segment as more industries adopt synthetic biology techniques to optimize and engineer enzymes for specific applications. Therefore, the segment will expand rapidly in the coming years.
On the basis of technology, the market is divided into PCR technology, NGS technology, genome editing technology, bioprocessing technology, and others. The PCR technology segment recorded the maximum revenue share in the market in 2022. PCR is used in the assembly of biological pathways. Synthetic biology often involves the construction of novel metabolic pathways to produce desired compounds. PCR assists in the assembly and amplification of DNA fragments encoding specific enzymes or pathway components. Thus, these aspects will fuel the demand in the segment.
Based on application, the market is divided into healthcare and non-healthcare. In 2022, the non-healthcare segment witnessed a substantial revenue share in the market. Synthetic biology is increasingly being applied to industrial processes, including the production of bio-based materials, chemicals, and biofuels. Companies are leveraging synthetic biology techniques to design microbes that can efficiently produce desired industrial products. Owing to these aspects, the segment will witness increased demand in the coming years.
By end-use, the market is segmented into biotechnology & pharmaceutical companies, academic & government research institutes, and others. The biotechnology and pharmaceutical companies segment procured the highest revenue share in the market in 2022. Synthetic biology offers innovative tools and techniques that can accelerate drug discovery and development processes. Biotechnology and pharmaceutical companies leverage synthetic biology to design and engineer organisms for the production of therapeutic proteins, antibodies, and other pharmaceutical products. Thus, the segment will expand rapidly in the upcoming years.
Free Valuable Insights: Global Synthetic Biology Market size to reach USD 46.7 Billion by 2030
By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. In 2022, the Europe segment acquired a considerable revenue share in the market. The European region boasts a strong and well-established biotechnology ecosystem. This includes a thriving biotechnology industry, a supportive regulatory environment, and collaboration between academia and industry. The presence of numerous biotech companies engaged in synthetic biology applications has contributed to the growing demand. These factors will assist in the expansion of the segment.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 12 Billion |
| Market size forecast in 2030 | USD 46.7 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 18.7% from 2023 to 2030 |
| Number of Pages | 296 |
| Number of Tables | 470 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Product, Technology, Application, End-use, Region |
| Country scope |
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| Companies Included | Thermo Fisher Scientific, Inc., Genscript Biotech Corporation, DNA TwoPointO Inc. (Atum), Integrated DNA Technologies, Inc. (Danaher Corporation), Eurofins Scientific SE, OriGene Technologies, Inc., Twist Bioscience Corporation, Editas Medicine, Inc., Agilent Technologies, Inc. Merck KGaA |
By Application
By End-use
By Product
By Technology
By Geography
This Market size is expected to reach $46.7 billion by 2030.
Advancements in DNA synthesis and sequence technologies are driving the Market in coming years, however, Ethical and regulatory challenges restraints the growth of the Market.
Thermo Fisher Scientific, Inc., Genscript Biotech Corporation, DNA TwoPointO Inc. (Atum), Integrated DNA Technologies, Inc. (Danaher Corporation), Eurofins Scientific SE, OriGene Technologies, Inc., Twist Bioscience Corporation, Editas Medicine, Inc., Agilent Technologies, Inc. Merck KGaA
The expected CAGR of this Market is 18.7% from 2023 to 2030.
The Oligonucleotide/Oligo Pools and Synthetic DNA segment is leading the Market by Product in 2022 thereby, achieving a market value of $16 billion by 2030.
The North America region dominated the Market by Region in 2022 thereby, achieving a market value of $18,644.2 million by 2030, growing at a CAGR of 18 % during the forecast period.
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